Posts Tagged ‘downgraded

10
Aug
11

‘burned on a teacup’

Mark Mellman (The Hill): Make no mistake: Republicans castigating President Obama for S&P’s ill-considered downgrade are akin to a mugger attacking the mayor, then blaming the sheriff for “letting” him do it.

Republican members of Congress attacked the full faith and credit of the United States by arguing publicly that defaulting on our debts would not be so bad. No rating agency can hear that and remain confident America feels bound and determined to pay its bills.

When every serious GOP economist and most every Republican who has carefully investigated the issue – from Sen. Tom Coburn to former Sen. Alan Simpson – conclude that both spending cuts and revenue increases are required to restore our fiscal heath, but Republican leaders announce they will refuse to appoint anyone to the supercommittee who might even consider eliminating billions in subsidies to oil companies, they not only subordinate the national interest to the interests of Big Oil, they also send an unmistakable message to rating agencies that they aren’t serious about restoring fiscal discipline, thereby mugging America’s credit rating. Then they attack President Obama for what – allowing them to speak freely, if foolishly?

… “Tea Party” is becoming a dirty word …. Republicans running for every office from president to dog catcher are forced to pledge fealty to a group that is increasingly scorned by the American people.

The same could be said of the GOP itself. Just this week CNN/ORC pollsters found 59 percent of Americans harboring unfavorable views of the Republican Party, while only 33 percent offered favorable opinions. At no point in the last two decades has opinion of the Republican Party been so negative …. (While hardly loved, Democrats are 26 points better off than the GOP.)

…. Americans want compromise and moderation, while Republicans emerge from this crisis looking uncompromising in their extremism. Public preference for compromise is clear – three recent polls found 66 percent to 85 percent saying they would rather the parties compromise than stick to their principles.

But the GOP failed this test … Being uncompromising, extreme and in thrall to a movement that is becoming a pariah will hurt the GOP. Unfortunately, it hurts the country even more.

Full article here

****

Gallup

10
Aug
11

surprise, surprise!

HughBoyOhBoy (DK): I did some checking this afternoon on the Federal Election Commission’s database of financial contributors to political candidates. Within minutes I found that Harold W. McGraw III, the Chairman, President, and CEO of Standard & Poor’s parent company, is a big money contributor to lots of Republicans.

Repeat recipients of McGraw’s largess include Mitt Romney, George W. Bush, the National Republican Congressional Committee, the National Republican Senatorial Committee, something called the Bush-Cheney Compliance Committee, and many more Republicans …. He has never given any money to the Obama campaign nor any to the Democratic Party.

Gee, how convenient. Standard and Poor’s issues a politically biased rating with a $2 trillion error. Republicans wave that rating around like Moses just brought it down from the mountain as verification of their defamation about the Obama presidency. And the head of the company making those ratings happens to give money to the likes of Mitt Romney and the Republican Party…

Thanks Fred

08
Aug
11

the, um, liberal media

SFGate: The Standard & Poors’ rating agency decision to reduce the United States’ long term debt from AAA to AA+ was explained in a press release that specifically mentioned “the majority of Republicans in Congress continue to resist any measure that would raise revenues,” should, itself, make headlines like “Standard And Poors Blames U.S. Credit Rating Reduction On Republicans.”

But the fact is, some publications, most notable The Associated Press and Politico, are working (thus far) to cover up S&P’s finger-pointing at Republicans. Instead, they appear to be pointing their own fingers at President Obama – someone not mentioned in the Standard and Poor’s press release.

Take Jonathan Allen in Politico: Standard & Poor’s delivered an unambiguous message to investors Friday that has serious implications not only for the nation’s economy but also for President Barack Obama, the tea party and anyone else with skin in the 2012 elections: America’s political system is subprime.

That was how Allen started off his article. In it, there was zero mention of the two very damaging statements S&P used in its press release, and directly aimed at Republicans….

… Allen’s Politico article had a lot of Republican quotes, not many Democratic quotes, and in all failed to tell the truth of Standard & Poor’s message.

And then there’s the Associated Press’ article by Martin Crutsinger. It fails to include, or mention Standard & Poors’ GOP-directed press release quotes….

…. It’s purely irresponsible for The Associated Press and Politico to fail to accurately report the contents of the Standard and Poors press release. If The Associated Press and Politico want to damage President Obama, they should just come out and say so. Heck, Senate Majority Leader Mitch McConnell said that his objective was to make President Obama “A one-term President”….

Full post here

Thanks Ladyhawke

06
Aug
11

timeline

Larger version of chart here

*****

Steve Benen:

1980: Ronald Reagan runs for president, promising a balanced budget

1981 – 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt.

1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans.

1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.

2000: George W. Bush runs for president, promising to maintain a balanced budget.

2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade.

2001 – 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt.

2002: Dick Cheney declares, “Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.

2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.

2009: Congressional Democrats unveil several domestic policy initiatives …. which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.

September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.

October 2010: S&P endorses the nation’s AAA rating with a stable outlook….

November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.

December 2010: Congressional Republicans demand extension of Bush tax cuts ….. GOP continues to accuse Obama of fiscal irresponsibility.

March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage – a move without precedent in American history – until massive debt-reduction plan is approved.

July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.

August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility…..

Full post here

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